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H and R Block shares have come down 21% in the last month after a disappointing third quarter caused a mass exodus by investors from the stock. However, we believe that fourth quarter earnings could turn H and R Block stock around and potentially offer up a significant opportunity for the savvy investor.

Though the third quarter is traditionally low performing for H and R Block, this year's loss was greater than expected. Revenue declined to $475 million, far lower than the expected $502 million. The third quarter loss amounted to $79 million, a significant increase from the $37 million third quarter loss experienced in 2015. In its third quarter results, the company also noted that they have experienced their fourth consecutive year of declining volume.

Does this open up an opportunity for the discerning investor? We think is may. With levels of disposable income increasing again this tax season, there is less urgency by the public to have their returns done early than there has been in leaner years. Because of this, it is possible that fourth quarter earnings may be significantly higher than previously anticipated. We believe that this potential for higher than expected earnings warrants a close look at H & R Block stock as a potential investment in the current quarter.